Crohn's Disease Market Is Set to Reach US$ 4,474.8 Million by 2024
The Crohn’s & Colitis Foundation of America (CCFA) stated that over 1 Million Americans were diagnosed with Crohn's & ulcerative colitis disorders, with most of them aged above 30.
New York, NY -- (SBWire) -- 06/29/2018 --The Crohn's & Colitis Foundation of America (CCFA) stated that over 1 Million Americans were diagnosed with Crohn's & ulcerative colitis disorders, with most of them aged above 30. Growing occurrence of Crohn's disease has triggered a robust demand for its therapeutics. A survey conducted by the US Center for Disease Control (CDC) has revealed that the incidence rate of Crohn's disease in the country is 3.1 to 14.6 new cases per 100,000 population annually. The disease is highly prevalent in developed countries, especially in individuals who smoke.
According to a study conducted by Persistence Market Research (PMR), demand for anti-inflammatory drugs and biologics for treating Crohn's disease will gain traction in the near future. PMR forecasts that the global market for Crohn's disease is set to reach US$ 4,474.8 Million by 2024-end, growing at a CAGR of 3% during the assessment period.
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Increasing demand for biologics for treating bowel disorders such as ulcerative collates and Crohn's disease is propelling the overall growth of Crohn's disease market. Moreover, drug manufacturers are actively focusing on advanced products having higher efficiency. The growing patient population is an additional factor expected to influence the market growth between 2016 and 2024. Therefore, higher utilization and preference for biologics and anti-inflammatory drug therapies coupled with the surging popularity of biosimilars is expected to play an important role in shaping the market for the future.
The high cost of treatment will remain as a major impediment for the market. Further, the patient expiry of blockbuster drugs and lack of early diagnosis particularly in third world countries are some of the other hindrances that are likely to inhibit the market growth during the forecast period.
Higher preference for symptomatic therapeutic and drugs over surgeries, better treatment management of inflammatory bowel diseases, the arrival of enhanced drugs in the market owing to healthier investments in R&D programs are some of the key trends governing the market.
While biologics will continue to remain the most preferred drug type amongst both healthcare professionals and patients, the demand for anti-inflammatory drugs will also witness a rampant acceleration during the forecast period. Based on drug type, the anti-inflammatory drug segment is projected to reach a market valuation of US$ 1,095.9 Million by end of the assessment period.
Based on distribution channel, the hospital pharmacies will continue to be the leading segment of the market over the forecast period. Whereas, the retail pharmacies segment is projected to exhibit the highest growth, reaching a market valuation of US$ 1,470.2 Million by 2024.
PMR's findings based on regional assessment suggest that the Crohn's disease market in North America will continue to lead the pack during the forecast period. The region's market is expected to value US$ 3,149.8 Million over 2014. However, Asia-Pacific is expected to witness the highest CAGR over the forecast period. The APAC market is projected to create an absolute $ opportunity of US$ 13.2 Million in 2017 over 2016.
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Key participants functioning in the global Crohn's disease market include UCB S.A., Perrigo Company plc, Pfizer Inc., Johnson & Johnson Services, Inc., Ferring B.V., Allergan, Inc., AbbVie Inc., Takeda Pharmaceutical Company Limited, and Bayer AG. Most of these companies are greatly emphasizing on augmenting product offerings, developing novel therapies by taking joint initiatives and improving supply chain management in order to consolidate their global market presence.
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